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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum
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Ethereum Price Gearing For Lift-Off to $1,800: Rally Isn’t Over Yet

Aayush Jindal by Aayush Jindal
8 months ago
in ETH
Reading Time: 2 mins read

Ethereum gained pace above the $1,500 resistance zone against the US Dollar. ETH is consolidating gains and might aim a fresh rally towards the $1,650 level.

  • Ethereum started a decent increase above the $1,500 and $1,520 resistance levels.
  • The price is now trading above $1,520 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $1,550 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rise further unless there is a downside correction below the $1,520 support.

Ethereum Price Remains In Uptrend

Ethereum price started a strong increase above the $1,450 resistance. ETH was able to clear the $1,500 resistance zone to move further into a positive zone, similar to bitcoin above $20,500.

The price even surpassed the $1,550 resistance zone and tested $1,600. A high is formed near $1,606 and the price is now consolidating gains. There was a minor decline below the 50% Fib retracement level of the recent increase from the $1,520 swing low to $1,606 high.

However, the bulls were active above the $1,540 support. It even remained stable above the 76.4% Fib retracement level of the recent increase from the $1,520 swing low to $1,606 high.

Ether price is now trading above $1,520 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,550 on the hourly chart of ETH/USD. An immediate resistance is near the $1,590 level. The next major resistance is near the $1,620 level. An upside break above the $1,620 resistance zone could start a fresh rally.

Ethereum Price

Source: ETHUSD on TradingView.com

In the stated case, the price may perhaps rise towards the $1,700 resistance. Any more gains might send the price towards $1,750 or even $1,800 in the near term.

Dips Supported in ETH?

If ethereum fails to clear the $1,620 resistance, it could start a downside correction. An initial support on the downside is near the $1,555 level and the trend line.

The next major support is near the $1,520 level. If there is a move below $1,520, the price might test the $1,450 support. Any more losses might call for a test of the $1,350 zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,520

Major Resistance Level – $1,620

Tags: ETHethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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